The Bangladesh Competition Commission, responsible for encouraging competition in the market, has sued eight edible oil companies on charges of limiting or controlling manufacturing, distribution, technical development of the market and investments.
The companies are City Edible Oil Limited, Bangladesh Edible Oil Limited, Meghna and United Edible Oil Refinery Limited, Bashundhara Oil Refinery Mill, Shabnam Vegetable Oil Industries Limited, S Alam Super Edible Oil Company Limited, Prime Edible Oil Limited and Globe Edible Oil Limited.
The cases were filed under Section 15 and Section 15 (2) of the Competition Act, 2012 on Wednesday.
City Edible Oil Limited, Bashundhara Oil Refinery Mill, Bangladesh Edible Oil Limited, Meghna and United Edible Oil Refinery Limited were asked to attend a hearing on May 18, and the rest were asked to attend a hearing on May 19.
“After the hearings, the commission will take steps against the companies as per its policies,” Bangladesh Competition Commission Chairman Mofizur Rahman, former senior secretary to the commerce ministry, told Bangla Tribune.
Under the Competition Act, if an organization is found guilty, there is a provision to impose a fine of a minimum of 1% and maximum of 10% on the amount of transactions or sales of the organization in the last three years.
